LOWES COMPANIES INCLOW
LOWES COMPANIES INC Debt Disclosure
Debt
Revolving Credit Facilities
On September 16, 2025, the Company entered into a $2.0 billion five-year unsecured credit agreement (2025 Credit Agreement) with a syndicate of banks, which has a maturity date of September 2030, replacing the Company’s $2.0 billion five-year unsecured revolving credit agreement entered into in December 2021, and as amended (Third Amended and Restated Credit Agreement).
On September 16, 2025, the Company also amended the five-year unsecured revolving credit agreement dated September 1, 2023 (the 2023 Credit Agreement) with a syndicate of banks, which has a maturity date of September 2028 and an aggregate availability of $2.0 billion. Under the amendment, borrowings under the 2023 Credit Agreement will no longer be subject to a SOFR credit spread adjustment.
The 2025 Credit Agreement and the 2023 Credit Agreement (collectively the Long-Term Credit Agreements) support the Company’s commercial paper program. The amounts available to be drawn under the Long-Term Credit Agreements are reduced by the amount of borrowings under the commercial paper program. As of January 30, 2026, and January 31, 2025, there were no outstanding borrowings under the Company’s commercial paper program or the Long-Term Credit Agreements.
On September 16, 2025, the Company also entered into a $1.0 billion 364-day unsecured revolving credit agreement (collectively with the Long-Term Credit Agreements the “Revolving Credit Facilities”) which has a maturity date of September 2026 and had no outstanding borrowings as of January 30, 2026.
Total combined availability under the Revolving Credit Facilities was $5.0 billion as of January 30, 2026.
Long-Term Debt
Debt Category (In millions, except percentage data) | Weighted-Average Interest Rate as of January 30, 2026 | January 30, 2026 | January 31, 2025 | ||||||||||||||
| Secured debt: | |||||||||||||||||
Mortgage notes due through fiscal 20271 | 6.24 | % | $ | 1 | $ | 1 | |||||||||||
| Unsecured debt: | |||||||||||||||||
| Notes due through fiscal 2030 | 3.29 | % | 12,638 | 13,700 | |||||||||||||
| Notes due fiscal 2031-2035 | 4.26 | % | 9,140 | 5,565 | |||||||||||||
| Notes due fiscal 2036-2040 | 5.74 | % | 1,054 | 1,054 | |||||||||||||
| Notes due fiscal 2041-2045 | 3.88 | % | 2,456 | 2,454 | |||||||||||||
| Notes due fiscal 2046-2050 | 3.78 | % | 5,574 | 5,572 | |||||||||||||
| Notes due fiscal 2051-2055 | 4.86 | % | 3,954 | 3,953 | |||||||||||||
| Notes due fiscal 2061-2065 | 5.19 | % | 2,714 | 2,713 | |||||||||||||
| 2025 Term Loan | 4.88 | % | 1,999 | — | |||||||||||||
| Finance lease obligations due through fiscal 2043 | 391 | 475 | |||||||||||||||
| Total long-term debt | 39,921 | 35,487 | |||||||||||||||
| Less: current maturities | (2,431) | (2,586) | |||||||||||||||
| Long-term debt, excluding current maturities | $ | 37,490 | $ | 32,901 | |||||||||||||
1 Real properties with an aggregate book value of $11 million as of January 30, 2026, were pledged as collateral for secured debt.
Principal amount of debt maturities, exclusive of unamortized original issue discounts, unamortized debt issuance costs, fair-value hedge adjustments, and finance lease obligations, for the next five fiscal years and thereafter are as follows:
| (In millions) | Principal | ||||
| Fiscal 2026 | $ | 2,350 | |||
| Fiscal 2027 | 3,018 | ||||
| Fiscal 2028 | 5,005 | ||||
| Fiscal 2029 | 1,811 | ||||
| Fiscal 2030 | 2,500 | ||||
| Thereafter | 25,135 | ||||
| Total | $ | 39,819 | |||
The Company’s unsecured notes are issued under indentures that generally have similar terms and, therefore, have been grouped by maturity date for presentation purposes in the table above. The notes contain certain restrictive covenants, none of which are expected to impact the Company’s capital resources or liquidity. The Company was in compliance with all financial covenants of these agreements as of January 30, 2026.
On September 16, 2025, the Company entered into a $2.0 billion unsecured term loan credit agreement (2025 Term Loan) which has a maturity date of October 2028. There was $2.0 billion in outstanding borrowings under the 2025 Term Loan as of January 30, 2026, with a weighted average interest rate of 4.880%.
In addition, on September 30, 2025, the Company issued $5.0 billion of unsecured fixed rate notes (collectively, the September 2025 Notes) as follows:
| Principal Amount (in millions) | Maturity Date | Interest Rate | Discount (in millions) | |||||||||||||||||
| $ | 650 | October 2027 | 3.950% | $ | 2 | |||||||||||||||
| $ | 750 | October 2028 | 4.000% | $ | 3 | |||||||||||||||
| $ | 1,100 | March 2031 | 4.250% | $ | 6 | |||||||||||||||
| $ | 1,300 | October 2032 | 4.500% | $ | 8 | |||||||||||||||
| $ | 1,200 | October 2035 | 4.850% | $ | 8 | |||||||||||||||
Interest on the September 2025 Notes with October maturity dates is payable semiannually in arrears in April and October of each year until maturity. Interest on the September 2025 Notes with a March maturity date is payable semiannually in arrears in March and September of each year until maturity.
The indenture governing the September 2025 Notes contains a provision that allows the Company to redeem these notes at any time, in whole or in part, at specified redemption prices, plus accrued and unpaid interest. The indenture also contains a provision that allows the holders of the notes to require the Company to repurchase all or any part of their notes if a change of control triggering event occurs. If elected under the change of control provisions, the repurchase of the notes will occur at a purchase price of 101% of the principal amount, plus accrued and unpaid interest. The indenture governing the September 2025 Notes does not limit the aggregate principal amount of debt securities that the Company may issue and does not require the Company to maintain specified financial ratios or levels of net worth or liquidity.
The discounts associated with these issuances, which include the underwriting and issuance discounts, are recorded in long-term debt and are being amortized over the respective terms of the notes using the effective interest method.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | Mar 23, 2026 | Showing above |
| 2025 | Mar 24, 2025 | |
| 2024 | Mar 25, 2024 | |
| 2023 | Mar 27, 2023 | |
| 2022 | Mar 21, 2022 | |
| 2021 | Mar 22, 2021 | |
| 2020 | Mar 23, 2020 | |
| 2019 | Apr 2, 2019 | |
| 2018 | Apr 2, 2018 | |
| 2017 | Apr 4, 2017 | |
| 2016 | Mar 29, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.